total loss

[bwash598]

What is the name of your state (only U.S. law)? kentucky Does the insurance company have to pay you the NADA value of your vehicle. My insurance company offered a settlement but it was not the max value of the vehicle according to the NADA.

[bwash598]

State KY Our vehicle was considered to be a total loss to and we still have a payoff of that vehicle. Does the insurance company have to send the settlement check to the lien holder or can we request to have the check sent to use to foward to the lien holder to insure that the proper amount is sent to the lien holder to avoid any discrepancies about settlement offer

[JETX]

Originally Posted by bwash598

Does the insurance company have to pay you the NADA value of your vehicle. My insurance company offered a settlement but it was not the max value of the vehicle according to the NADA.

The insurance company will pay the FMV (Fair Market Value) of the vehicle. You have the 'right' to disagree and attempt to prove YOUR version of FMV.

Our vehicle was considered to be a total loss to and we still have a payoff of that vehicle.

It is very common for a vehicle to be worth less than is owed.

Does the insurance company have to send the settlement check to the lien holder or can we request to have the check sent to use to foward to the lien holder to insure that the proper amount is sent to the lien holder to avoid any discrepancies about settlement offer

The insurance company will either send the check to the lienholder.... or will send a two-party check made out to both you AND the lien holder.
Not likely that they will send the check payable only to you.

[racer72]

The maximum value listed by NADA is a vehicle that is in showroom condition ready to be sold. 99.9% of the vehicles on the road don't come close to this value. Something as simple as some trash on the floor can knock a few hundred dollars off that value. It is not unusual to reduce the value $1000 or more just because the vehicle has been smoked in and has butts in the ashtray.

[ecmst12]

Particularly if this is YOUR insurance company, they will settle directly with your leinholder.